Decision Utility
The value or satisfaction derived from a decision, influencing the choices people make.
186 topics found for
“decision analysis”
Allais Paradox
A decision-making paradox that shows people's preferences can violate the expected utility theory, highlighting irrational behavior.
Information Bias
A cognitive bias where people seek out more information than is needed to make a decision, often leading to analysis paralysis.
Groupthink
A psychological phenomenon where the desire for harmony and conformity in a group results in irrational or dysfunctional decision-making.
Availability Heuristic
A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.
Behavioral Economics
The study of psychology as it relates to the economic decision-making processes of individuals and institutions.
Sunk Cost Fallacy
The tendency for individuals to continue a behavior or endeavor as a result of previously invested resources (time, money, or effort) rather than future potential benefits.
Representativeness
Representativeness is a heuristic in decision-making where individuals judge the probability of an event based on how much it resembles a typical case.
Delphi Method
A structured communication technique originally developed as a systematic, interactive forecasting method which relies on a panel of experts.